Construction reverse charge: who accounts for the VAT?
How UK construction suppliers and customers can test the domestic reverse charge, word invoices and complete their VAT returns.
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Clearer decisions.
Keep the books in order, plan for cash needs and understand reporting changes. Practical guides with worked examples and links to the evidence.
Accounting and finance blog
150 articles
Director loans at year end: repayment and tax are separate checks
How UK close companies can separate the s455 charge, repayment relief and the individual beneficial loan check on a shareholder-director's loan.
Employee gift cards: small does not mean tax-free
Why US employers should send general-purpose employee gift cards through payroll, whatever the amount.
Partner payments: separate guaranteed payments from draws
How to separate a US partner's fixed service payment, profit share and cash distribution before reconciling what they received.
Sales tax collected: separate receipts from the tax payable
How a US Schedule C business can treat buyer-imposed sales tax collections and reconcile the amount it still owes.
Second-hand VAT margin scheme: start with eligible purchase evidence
How UK dealers in ordinary second-hand goods can check eligibility, calculate margin VAT and complete the VAT return figures.
US business travel: tax home and temporary assignments
How self-employed US business owners can identify a tax home and date the point when a temporary assignment becomes indefinite.
VAT before registration: test goods and services separately
How newly VAT-registered UK businesses can test earlier purchases before claiming them on the first VAT return.
Capital Goods Scheme: compare this interval with the original VAT recovery
How UK VAT teams calculate a Capital Goods Scheme adjustment against the first-interval baseline and keep existing and new items apart.
Flat Rate Scheme: test the goods before choosing the VAT percentage
How businesses on the VAT Flat Rate Scheme can run the limited cost test using qualifying goods and turnover for the same return period.
Overseas service invoices: the missing VAT may belong on your return
How UK VAT-registered businesses can classify overseas service invoices and record the reverse charge on their VAT return.
Selling US business equipment: the deposit is not the taxable gain
How US small businesses can reconcile a machine sale to adjusted tax basis, federal gain and section 1245 recapture.